Regardless of how many properties you own, it is always your responsibility to make sure your properties are in the best possible condition. Residential property management in Orlando, FL requires quite a bit of work and resources, you need to keep an account for. Taking the time to brush up on a few basics will also serve you well. Here are a few tips that will help you become a better property manager.
Clearly Explain All Responsibilities
Both the landlord and the tenant have responsibilities when it comes to the upkeep of a property. The tenant will be expected to handle issues such as burnt out light bulbs, trash take out, and perhaps even lawn care. The landlord is responsible for the larger issues such as electrical work, heating, and plumbing. These responsibilities must be clearly defined, taught, and understood prior to any renter’s agreement. Knowing the roles of each party involved will allow for a better relationship and better understanding.
Set The Standard for Your Property
Prior to a new tenant moving into a property, the landlord should document every aspect of the home in Orlando, FL as well as take pictures. This information should be placed in a file and kept at all times. Not only will it allow you, to see what alterations have been made in the future but it will also serve as the baseline for what you expect from your tenant. The best residential property management should be what you are striving for.
Standardize Your Property
Regardless of how many properties you own, it is always important to use the same materials in all areas. If you own several properties why not use the same color paint and the same type of flooring? This will not only save you time and money but it will let the renters know that everyone is equal and are receiving the same benefits.
Refresh The Property
After a tenant vacates the property, management should refurbish the entire property for the next renter. Not only will this allow the landlord to properly care for the property but it will make the residential property seem new for the next tenant. This is one of the keys to becoming the best managers in Orlando, FL.
Document, Document, Document
Keeping proper records is a must for any property manager/landlord. It is vital that you maintain a proper home and have the records at your fingertips. If there are ever, any questions about how often you perform maintenance your records can be seen. These records will also offer you some legal cover in the event of a serious issue arises. Every tenant and every property should have a file on hand that is current. Photos are also important to add to this file.
Be Prepared
Bad times come and go but rest assured they can be expensive. As the landlord, you need to have a rainy day fund set aside for large scale expenses that you might not expect. Issues such as a complete heat pump replacement or having to rewire the whole property. These issues are expensive and time-consuming. These events can easily cost in excess of ten thousand dollars at a time. This is why you need to be prepared for the worst. Hope for the best but always plan for the worst.
If being the best residential property management in Orlando, FL is your goal, then these simple steps should be learned and followed. They could mean the difference between making large profits and losing all you have worked for.
